IMF Against Using Crypto As Money; Algorand to Take Over Times Square to Save Energy

Crypto assets are quite volatile, they can hardly be deployed as money, and the International Monetary Fund (IMF) advises against adopting them as money, said Kristalina Georgiev, a Bulgarian economist and chairwoman and managing director of IMF at a high-level panel discussion on “Money at a Crossroad”. At the same event, Finance Minister Nirmala Sitharaman said that the most significant risks that cryptocurrencies pose are money laundering and terror financing.

In other news, Algorand (ALGO) aims to be a different crypto blockchain by committing to build technological products which are environmentally sustainable and do not harm the climate. The Algorand Foundation will take over New York Times Square for an hour to demonstrate this commitment by darkening the billboards. The move is expected to save approximately 6500-kilowatt hours of energy.

Cryptocurrency Prices

The global crypto market cap increased by 1.95 per cent to $1.89 trillion at 8.50 am. The global crypto volume was up by a massive 58.96 per cent to $96.13 billion, as per Coinmarketcap data. 

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $40,648.01, higher by 2.12 per cent in the last 24 hours. Ethereum (ETH) was also trading higher by 1.5 per cent at $3,044.43.

“Bitcoin continues to hover around $40,000 after briefly touching $38,547. Ether briefly retraced below $3,000, reaching a low of $2,880 but has rebounded to slightly above $3,000. Bearish signals on the monthly chart of the market leader are evident; however, a positive momentum signal on the daily chart is needed for price…

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